Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0075%/8h= −8.3% APRpaid last 24h −0.120%

Price spread now: Backpack against Variational Omni+0.463%49s7-day average −0.038% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.533%−$53 on $10k

Price spread, last 4 days (all we have)−0.664%−$66 · spread now +0.463%, 7d avg −0.038%

Together, before fees−1.197%+ Points / potential airdropVariational Omni: Active · farm board−$120 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.501% dearer against Variational Omni than usual: you sell high and buy low (spread +0.463% now, against its 7-day average of −0.038%): +$50 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 22 days. At the pace of the last 4 days (−0.533% in total) that is about 3.4 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni WIF	0.2402	0.0100	pay 0.0050% / 4h	2h 19m	$88K	$174K	—
Short	Backpack WIF_USDC_PERP	0.2413	0.0025	get 0.0003% / 1h	19m 23s	$74K	$317K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.463%Rate

Funding earned: −$15.82
Price spread: +0.463% → −0.038%: $50.14
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.32
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 15 min ago; Backpack: live order book, 29 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Variational Omni RFQ quote, 15 min ago	8.39 bp	doesn't fit	33.5 bp −$335	doesn't fit	doesn't fit
Sell Backpack live order book, 29 min ago	0.20 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit

WIF on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin WIF-USDT	−0.0141%	4h	0.2404	+0.080%	$970K	$906K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2413	+0.438%	$13K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2411	+0.371%	$32K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2412	+0.413%	—	—	150x	as long as short
Backpack WIF_USDC_PERPshort	+0.0025%	1h	0.2413	+0.463%	$74K	$317K	10x
GMX WIF/USD [WBTC.b-USDC]	L +0.0087% / S +0.0031%	1h	0.2412	+0.402%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2416	+0.563%	$147K	$671K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2412	+0.413%	$51K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2414	+0.492%	$8.5M	$6.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2413	+0.454%	$29K	$330K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2414	+0.488%	$76K	$69K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2413	+0.455%	$18.7M	$139.9M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2411	+0.376%	$16.3M	$46.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2411	+0.371%	$5.5M	$39.9M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2412	+0.413%	$1.1M	$9.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2412	+0.413%	$21.6M	$12.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2412	+0.413%	$4.0M	$16.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2412	+0.413%	$7.3M	$15.4M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2411	+0.371%	—	$2.3M	—	as long as short
Variational Omni WIFlong	+0.0100%	4h	0.2402	long leg	$88K	$174K	—
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2383	−0.814%	$275K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2390	−0.503%	$44K	$629K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2412	+0.413%	$5K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2408	+0.246%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2411	+0.384%	$557	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2407	+0.205%	$155K	$829K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2410	+0.314%	$11K	$165K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2411	+0.386%	$80K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0248%	1h	0.2412	+0.429%	$631K	$2.6M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2416	+0.580%	$322K	$3.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2411	+0.376%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2401	−0.045%	$10K	$10K	12x	as long as short